The Secure Family Futures Act of 2023 makes a technical change to how insurance companies are taxed on debt they hold. Specifically, it excludes certain types of debt—including notes, bonds, and debentures—from being treated as capital assets for most insurance companies, which affects how they report gains or losses when they sell this debt. The change applies to most standard insurance companies but excludes certain specialized insurers, foreign insurers, and mutual insurance companies. The bill takes effect for debt dispositions occurring after the legislation is enacted, and includes a transition rule allowing existing capital losses from debt sales prior to enactment to be treated as net operating losses going forward. No specific funding is authorized in the bill, as it is purely a tax code amendment.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.